Covering the WestSide as it is today and Challenging everyone to become involve as we move into the future.

Wednesday, September 24, 2008

Illegal Conversions - Illegal Aliens - The Current Mortgage Crisis

Over the years I have written about the effect illegal conversions have had on a neighborhood. Specifically the Belmont Cragin Community. The city never wanted to address the issue for fear of being accused of being called "racist" or "xenophobe". Nobody wanted to address all the issues that comes with Illegal Immigration. Instead we were constantly barraged with words like "they do the work American won't do", "they're hardworking" and to quote daley, "they go to church". Well here's an article from Michelle Malkin. I always used to wonder when driving down west Fullerton or South Pulaski how come they had so many mortgage companies. They had mortgage companies the way the black commumnity has store front churches:

But there's one giant paternal elephant in the room that has slipped notice: how illegal immigration, crime-enabling banks and open-borders Bush policies fueled the mortgage crisis.

It's no coincidence that most of the areas hardest hit by the foreclosure wave - Loudoun County, Va., California's Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters - also happen to be some of the nation's largest illegal alien sanctuaries.

Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories).

A quarter of all those subprime loans are in default and foreclosure.

Regional reports across the country have decried the subprime meltdown's impact on illegal immigrant "victims."

A July report showed that in seven of the 10 metro areas with the highest foreclosure rates, Hispanics represented at least one-third of the population; in two of those areas - Merced and Salinas-Monterey, Calif. - Hispanics comprised half the population.

The amnesty-promoting National Council of La Raza and its Development Fund have received millions in federal funds to "counsel" their constituents on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10 million earmark for itself in one of the housing bills passed this spring.

For the last five years, I've reported on the rapidly expanding illegal alien home loan racket.

The top banks clamoring for their handouts as their profits plummet, led by Wachovia and Bank of America, launched aggressive campaigns to woo illegal alien homebuyers.

The quasi-governmental Wisconsin Housing and Economic Development Authority jumped in to guarantee home loans to illegal immigrants.

The Washington Post noted, almost as an afterthought in a 2005 report: "Hispanics, the nation's fastest-growing major ethnic or racial group, have been courted aggressively by real estate agents, mortgage brokers and programs for first-time buyers that offer help with closing costs.

In addition, fraudsters have engaged in massive house-flipping rings using illegal aliens as straw buyers.

Among many examples cited by the FBI: a conspiracy in Las Vegas involving a former Nevada First Residential Mortgage Company branch manager who directed loan officers and processors in the origination of 233 fraudulent Federal Housing Authority loans valued at over $25 million.

The defrauders manufactured and submitted false employment and income documentation for borrowers; most were illegal immigrants from Mexico.

To date, the FBI reported, "Fifty-eight loans with a total value of $6.2 million have gone into default, with a loss to the Housing and Urban Development Department of over $1.9 million."

It's the tip of the iceberg.

Thanks to lax Bush administration-approved policies allowing illegal aliens to use "matricula consular cards" and taxpayer identification numbers to open bank accounts, more forms of mortgage fraud have burgeoned. Moneylenders still have no access to a verification system to check Social Security numbers before approving loans.

In an interview about rampant illegal alien home loan fraud, a spokeswoman for the U.S. General Accounting Office told me five years ago: "Considering the size of Los Angeles, New York, Chicago, Houston and other large cities throughout the United States known to be inundated with illegal aliens, I don't think the federal government is willing to expose this problem for financial reasons as well as for fear of political repercussions."

The chickens are coming home to roost. And law-abiding, responsible taxpayers are going to pay for it.

2 comments:

Anonymous
said...

Upset that industrious Albanians invaded their lazy country, the soviet-religion Greeks deliberately hire, house and promote illegals.Earthquakes accustom them to disposable homes, which is why they are oblivious to the concept of maintenance.

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Arlene Jones

EMAIL ME: WESTSIDE2DAY@YAHOO.COM

Arlene Jones' Biography

I was born in Chicago. I grew up in Cabrini Green. I attended Wells Sr High, the University of Illinois at Chicago Circle where I majored in Spanish and minored in Education. I have a diploma in Computer Programming.

I moved to Austin when I purchased a home here. I have two children.

I have been active in the community since moving here. I started with my blockclub. In the early 1990s, I worked with several people to try and form the North Austin Homeowners Association. I even went on patrol with a group of people who had a walkie talkie car patrol of the neighborhood.

As with most programs in the AA community, many factors led to the demise of those groups. Lack of support from elected officials was at the top of the list.

There were several people who had a group and we met out of DaVinci Manor. DaVinci Manor was at the corner of North Ave and Central where Walgreen now stands. Again there was very little interest in saving that building and our community lost a beautiful hall.

I have protested the state of the Central Ave bridge. I worked with Leola Spann and did many a smoke out including one in the 1500 block of North Lorel where drug paraphenalia layed on the ground. I have over the years here in Austin worked with the following groups at one point or another:
Northeast Austin Organization (Mary Volpe, Tom Hosea);
Northwest Austin Council;
Mad Dads;
Brotherhood of Black Men;
Westside Health Authority;
Nobel Neighbors;
Every Block A Village;
Beat 2532;
25th District Housing Committee;
WVON Volunteer;
African American Employees at the Merchandise Mart (AAEMM);
Lafollette Park Advisory Council;
Garfield Park Conservatory Advisory Council;
Westside Executive Advisory Council;
Austin Landmark Cultural Center;
Concerned Citizens of East Garfield Park

and so many others that it gets hard to remember.

Arlene Jones

QUOTE OF THE DAY

If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing. -- Malcolm X